The cost blowout, disclosed in a Government Accountability Office report this week, provides fodder to critics of Obama’s loan forgiveness efforts, some of whom have also sought to dismantle parts of the Education Department.
The report found deep inaccuracies in the Education Department’s estimates of how much student loan relief programs — like income-based repayment, graduate loans, and public-service loan forgiveness — would cost taxpayers. The programs will have a total price tag of $100 billion or more — tens of billions more than the Education Department once claimed. The difference is due to basic accounting errors and shortcomings by the Department, the GAO report said.
Socializing debt…..